Paravi
U-Next (ユーネクスト, Yū-Nekusuto; stylized as U-NEXT) is a Japanese over-the-top subscription video on-demand streaming television service and digital publishing storefront owned by U-Next Holdings. Originally launched in 2007 as Gyao Next (stylized as GyaO NEXT), the service has grown into one of Japan's leading streaming platforms, reaching 5 million subscribers as of November 2025. In addition to video streaming, the platform provides an e-book distribution service. As of 2024, U-Next holds a 17.9% market share of the subscription video-on-demand (SVOD) sector in Japan, ranking second only to Netflix.
The video platform integrates Paravi—featuring domestic programming from TBS and TV Tokyo—and the HBO Max library as dedicated content hubs within its service. Domestically, U-Next licenses a wide array of third-party content from major film studios such as Toei, and Toho, as well as commercial broadcasters including Nippon TV, TV Asahi, and Fuji TV. Internationally, the service distributes content from NBCUniversal (including Peacock originals) and Paramount Skydance (including CBS and Paramount+ originals), with select titles streaming exclusively in Japan. Beyond licensing, the company also produces its own exclusive video content, including U-Next original dramas. Additionally, live sports broadcasting, including football, golf, combat sports, and tennis matches, are available via dedicated hubs.
The comprehensive digital publishing storefront provides users with access to a vast library of third-party e-books, magazines, and manga. Furthermore, U-Next actively develops its own original intellectual property, producing and publishing exclusive U-Next original books, manga, and scrolling webtoons under its U-Next Publishing label.
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